(CNNMoney.com) - If you're a wealthy American, you've probably heard that your tax bill will be higher next year if President Obama has his way. But how much more are you really going to pay?
With Obama's tax plan in place, the cuts introduced during the Bush administration would lapse for the top two income brackets, resulting in a tax increase for the nation's richest taxpayers.
That means people making more than $195,550 in taxable income ($200,000 in adjusted gross income) and joint filers with taxable income over $237,300 ($250,000 in adjusted gross income) would be pushed up from the current 33% and 35% tax brackets into 36% and 39.6% brackets next year.
So the rich white republican fat cat who has $5,000,000 of taxable income for doing nothing but counting his money all day (and there are a lot of them) and who paid $1,750,000 in taxes last year would now have to pay $1,950,000 only get to take home $3,050,000 and add that to his $500,000,000 in investments. Waaaa.
All hail our wealthy superiors. How may I do their bidding?
As a small business owner sho employs 50 people in Massachusetts, this is a jobs killer for me. I will seek to recoup this hit by slowing new jon creation and likely cutting back staff. Either that or we could tap the illegal immigrant market as there does not seem to be anyone cracking down on illegal hiring –and I can get qualified staff at 1/2 the cost of hiring Americans
To me this tax hike is a setback and a dis-incentive to create new jobs. It comes at a bad time for our economy and it makes no sense ro me or many of the small business owners i interact with monthly I and many of my fellow small business owners are getting sick and tired of supporting the 46% of Americans who pay zero taxes.
Just my opinion folks from one of the so called RICH>
It's about time they start paying their share! I don't understand why the republicans are going to protest this tax hike on the wealthiest Americans. If they really want to pay down the debt/deficit from the Bush/Obama administrations, they will be on board.
The Bush Tax Cuts for the wealthiest Americans was supposed to stimulate growth as these folks would invest their money in the U.S. They invested their money and most tripled their wealth in the 8 years of Bush / Reaganomics. The only problem was they invested their money in China, one of our worst enemies (behind the scenes), and almost destroyed the U.S. economy.
Get ready for 50% taxes before the president is gone in 2012. Enough already with the ridiculous taxes for people that have the gall to be successful. Forty percent of all people pay no taxes(This is no right wing number either look it up if you think it is). Obozo wants to make this country just like Europe where there is very little incentive to do well and the poor receive a lot more from the government. Nanny state here we come!!
I scrimped, saved, and worked ridiculous hours to make it and I will work equally hard to find the legal deductions to avoid paying the higher taxes. Like people I know who have earned or amassed money I would rather give it to the Church, Salvation Army, my kids, or employees rather than the government. All you Obama knee benders feel free to pay extra but very little of that money is spent wisely.
As a small business owner during hard times, the additional hardship of a tax increase will make it necessary to lay off one employee. Way to improve our economy Obama.
News Flash just out this morning. A survey for companies with 5,000 employees or over in health care costs under Obummie Care shows a 9% raise in health care costs next year. Another brilliant move by Obummie and the dumbocraps. Keep piling on the costs of doing business and there won't be any jobs. More taxes on the successful to give to others equal socialism/communism.
Single filers with a taxable income of $250,000 would see an increase of $295 in income taxes and those making more than $300,000 are going to owe an additional $4,095. Single filers with $500,000 in taxable income would owe an additional $9,492 from this year's tax bill, and joint filers with taxable income of $700,000 would owe an extra $17,088. This seems like a small enough sacrifice for those in America's top earning brackets to make to help their country out of this economic mess we're in (most of which was caused by the tax cuts set to expire and two unfunded wars). I don't even care to hear about those Americans earning millions each year whose taxes are increasing. There are only so many millions needed to raise one's family so please spare us your whining.
Let's shoot holes in the Republican idea that keeping the tax cuts in place will spur job growth.
(1) They were in place for 8 years and the Bush administration created appox. 8 million jobs while the Clinton administration created appox. 22 million jobs at the pre-tax cut level.
(2) Why are the tax cuts not creating jobs now?
(3) If the graphs associated with this article show that I would continue to realize appox. $216,000.00 plus dollars a year in tax savings, why would I take that savings and go out and spend it to hire more employees when I can simply show that my business is doing better with the increased profits?
(4) How do Republicans propose paying for the tax cut? Remember that if you cut taxes you are reducung your income so it must be off set someplace else so where do Republicans propose increasing taxes to off set the taxes not coming in from the top 1 or 2% of tax payers?
(5) How will keeping the tax cuts in place cause businesses that went over seas for cheap labor to change their minds and come back to the United States and how will it stop other companies from going?
Nice choice of numbers CNN...
Now tell use what a guy who makes a million will pay...
Closer to 65%...
So you pay 650K... and keep 350K... you are better off laying off half your workers,,, do half the work.... earn 400K to keep the same 350K...
or... higher overseas, move your corp out of the US into say Ireland... and pay 27%... for your million with a seven year tax incentive they will give you. And people wonder why companies leave
If anyone believes because they make less than $237,000 a year that this saves them from getting hit by Obama's $3 trillion spending spree consisting of the stimulus bill, fixing the housing crisis and the Wall street bailouts ( just to name 3 ), think again. These cost America $7,500 for every man, woman and child in the country. That's if they are paid back today. In fact, they will probably not be paid back during the lifetime of any American alive today. Instead we will just continue to pay interest on that debt. Americans 150 years from now will probably still be paying on these debts. Let's make him come up with better reasons for spending this money. Get rid of congressional Democrats in November.
just keep raising taxes on small business owners, that will help employment.
That will generate a little revenue, but not a lot. The number of people actually in that bracket, is limited.
Oh my gosh how can this be!!! To hear Fred Thompson tell the rich will be put in the poor house when the tax lapses.
He has a commericial here in Tenn. saying just that.
But then he is big business and for the wealthy